[New York Stock Market] Major Tech Stocks Plunge Due to Middle East Risk... Nasdaq Down 2.05%

Nasdaq Index Hits Lowest Level Since January 31
NVIDIA Drops Over 10% Intraday

The New York stock market showed mixed trends as technology stocks, including Nvidia, underwent significant corrections amid Middle East risks stemming from Israel's attack on Iran.

New York Stock Exchange (NYSE)
Photo by Yonhap News

On the 19th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 37,986.40, up 211.02 points (0.56%) from the previous session. The Standard & Poor's (S&P) 500 index fell 43.89 points (0.88%) to 4,967.23, breaking below the 5,000 mark. The Nasdaq index plunged 319.49 points (2.05%) to 15,282.01.

That day, the Dow rose more than 200 points, showing a solid trend. In contrast, both the S&P 500 and Nasdaq indices fell for the sixth consecutive trading day.

In particular, with notable corrections in large technology stocks, the Nasdaq index recorded its lowest level since January 31.

The New York stock market maintained mixed trends following news of Israel's attack on mainland Iran, but investors could not shake off their anxiety ahead of the weekend. Although Israel carried out retaliatory strikes against Iran, analyses suggested that limited military options were used to avoid escalation, calming the previously volatile investor sentiment.

As preference for safe-haven assets increased, the "Magnificent 7" (Apple, Amazon.com, Alphabet, Microsoft, Meta Platforms, Tesla, Nvidia) all fell sharply in the stock market.

Nvidia plunged more than 10% intraday, breaking below the $2 trillion market capitalization level. Tesla fell about 1.9%. Amazon.com dropped about 2.5%, and Alphabet A, Google's parent company, fell more than 1%. Apple also declined by more than 1%. Meta Platforms (Facebook) plunged about 4%.